HVAC market is expected to be worth US$231.11 billion in 2027

The report “Global Heating, Ventilation, and Air Conditioning Market: Analysis by Type (Equipment and Aftermarket & Services), By End User (Residential and Commercial), By Region (Asia Pacific, North America, Europe, and ROW), Size and Trends with Impact of COVID-19 and Forecast up to 2027” has been added to ResearchAndMarkets.com’s offering.

The global heating, ventilation, and air conditioning (HVAC) market was valued at US$156.44 billion in 2021 and is expected to be worth US$231.11 billion in 2027, growing at a CAGR of 6.72% between 2022 and 2027.

Heating, ventilation, and air conditioning (HVAC) is a technological system used to provide cooling, ventilation, and heating to a building. Heating appliances such as heaters, furnaces, and heat pumps are used to generate heat in buildings via central heating or local heating. Ventilation appliances are used to change or replace air in any building to regulate temperature. Air conditioning units are used to cool indoor air for thermal comfort.

Energy efficiency is gradually becoming more important in the HVAC industry. Several OEMs are focusing on green initiatives to save money while lowering greenhouse gas emissions. As a result, there has been a recent shift toward environmentally friendly HVAC units. This includes products that use less power and are powered by renewable energy sources, which reduces energy costs.